The Block

TSB: Ethereum Merge Cut Electricity Use by 99% - Cambridge Report x.com/i/broadcasts/1…

THE BLOCK: An attacker borrowed roughly $9.05 million from Hedera $HBAR lending protocol Bonzo Lend using a manipulated SAUCE price accepted by a flawed Supra oracle verifier. A second wallet borrowed another $1 million during the exploit window but identified itself as a white hat and said the funds would be returned.

Hedera lending protocol Bonzo Lend hit for $9 million after Supra verifier accepts manipulated price update theblock.co/post/407960/he…

THE BLOCK: U.S. spot bitcoin ETFs took in a net $197.4 million in the week ending July 10, their first positive week since early May, snapping a record eight-week outflow streak that drained $8.26 billion. Spot ether ETFs added $84.4 million, ending their own eight-week slide.

Bitcoin, ether ETFs snap eight-week outflow streaks with $282 million combined inflow theblock.co/post/407957/bi…

Housing bill that includes a CBDC ban passed into law without Trump's signature theblock.co/post/406548/ho…

THE BLOCK: Congress returns to Washington on Monday with the clock ticking on crypto market structure legislation. Sources say the latest text of the Clarity Act could be released as soon as next week — but lawmakers have only a short window before the August recess.

THE BLOCK: The DOJ plans to drop charges against the alleged ringleader of the $722 million BitClub crypto ponzi scheme, says Bloomberg. The move would reverse course on a 2019 indictment that was nearing trial, according to the report.

THE BLOCK: SK Hynix’s $26.5 billion U.S. listing was made available to Telegram users as tokenized shares via xStocks. solana:SKHYhSjuRWHgikq8eRKbtBbpABgJSkd7ytQV14i9EQ3 Wallet in Telegram, the native crypto wallet built into the messaging app, offers access.

THE BLOCK: Empery Digital trimmed its bitcoin treasury, selling 1,400 BTC for $87.1 million to help fund its AI data center project, repay debt and cover legal costs. The company still holds 1,514 BTC, worth nearly $100 million.

You can watch the full conversation with @CambridgeAltFin research lead @alexneumueller on The Starting Block: x.com/TheBlockCo/sta…

THE STARTING BLOCK: What is more secure? Proof of Work or Proof of Stake? Cambridge research lead @alexneumueller weighs up the security guarantees of Bitcoin vs Ethereum after unpacking @CambridgeAltFin latest Ethereum report with @gazza_jenks. Link to the broadcast 👇

NEW: Kraken plans to introduce agentic trading, including AI bots that can monitor markets, identify investment opportunities, and place trades on behalf of users, CNBC reports.

THE BLOCK: Cambridge's Alexander Neumüller finds Ethereum nodes clustered on Hetzner, AWS and OVH, with 31% of node activity in the U.S. More than one-third of validators going offline simultaneously could stop checkpoints from finalizing, he says. The SEC argued for U.S. jurisdiction over Ethereum based on node location in 2022.